Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1887-03-22
RAILROAD TALK.
The Control Of she Oregon aud CALI
fOrnia-GOssip Concerning the
Northern Pacific.
THREE TEARS rs CONTEMPLATION.

THREE YEARS ~ CONTEMPLATION,
SAN FRANoIsco, March 20-Negotia
tons for lbe transfer Of the D sgon aud
California Railroad 10 the southern Pa
eifc, which have inst been completed,
have been going on for over three years.
The contract was made by Q. z. Hunt.
ington, acting for the Southern Pscific,
aud Andrew Haes, Of the frm OF Hses
4 -ous, acting for the London commit
tee Of boudholdeFs. The Pacific la
pr0vement Company, also interested in
the deal, was reprt seatsd by q. +. Hunt
ingtou. The terms OF the agreement
entered iute are that the Oregon and
California bondtoldsrs are 70 receive at
the rate Of 10 In exchange for their
present bonds s per cen,. OF the tonis
guaranteed. both PRINCIPAL and interest,
by the Southern Pacific Company, to-
Rether with 81 sleFhag IN cash for each
old bond. Ihesg new bonds are nov 10
be issued at the rate Of $4,000 per mile,
and Are TO be secured ~ nsW mort
gage, equivalent In point Of lieu and
priority 90 the II sting first mortgage Of
the Oregon and aliflruia, and viii bear
interest from Jnly /, tSS6. lie Oregon
and California preferred stockholders
Z
stock for every two shares OF their own
stock. together with 4 shillings sterling
for each preferred SPARE. aud common
stockholders will get one Central P8cfic
SHARE for very four Of their own shares,
together with 3 ahillinRs for each com
mon share.
CALLING Up vILLAED's PLANS
SAN Francisco, NJ trch 20 William
+ Johnson, Who claims to have bseR
Henry Wizards Secretary whsa the lat
ter was President Of the ksrtherD Pa
clhe Rallsay, Is in the city on a visit.
He said, regarding = dispatch that The
Northern Pacific intended 10 build from
Wallula 90 Portland, that there was liz
tie likelihood of their doing so. He
further said that when Willard was
elected President OF she company be
immediately prepared 60 complete the
line. There was some ready money Ia
the treasury, but not nearly enough 60
meet the expense OF constructing the
unfinished portion OF the line. Willard
was endowed With remarkable talents,
and could originate schemes az occasion
required. The arst thing he did was 90
oFganizs tbs 1rans0OntiuAi Company TO
construct the line. Willard was Prasi-
dent Of the Oregon RAilRay 4 NAviSa
zion Company, by which be became IN
terested largely IN the Transoontinental
Company. In fact. TIE latter organizA-
ton was an Oregon Navigation institu
ton, and large nambeT of North
eru Pacific etoaks fell into its
bRnds. Willard never thought % baild-
ina the Ncrthsrn Pacific 10 Portland.
and entede into q contract with the o.
x. 4 ". for term Of ninety nine wears.
This contract provides thai the North
eFn Pacific mast pay the Oregon NaEi
cation whether u uses the tine into
Portland or not, and What would be the
use Of tue fstmsr company bntldiRg a
line 81 its 1vn while it paid fer she use
of anotherP The contract also provides
that n the Unien Pacific should acquire
control Of the Oregon Navigation. the
Norihstn Paciho voald not lose ANY OF
the privileges II baw eBioys II ths
dispatch had stated that President
Ebiah smith, Of the Oregoa Navigation,
would make al effort 90 seqnirs control
Of the Northern Pacihe oy voting a
majority OF its stock at the next elsc-
item IS would not os far wr0ng. Smith
Is nov sanding oat circulars % the
stockholders ~ the Northern PAci 80
asking 90 hs allowed the privilege Of
voting their eoidtngA II be gets COO
ttol 81 toe line ths Oregon Navigation
vii be protected sRuns Nerthern Pa
elne deals -- tfrsigssssEEa